Parsons Capital Management Inc. RI Trims Position in Visa Inc. $V

Key Points

• Parsons Capital Management Inc. RI has reduced its stake in Visa Inc. by 17.6%, now holding 40,115 shares worth approximately $14.24 million.
• Equities analysts have generally maintained a positive outlook on Visa, with target prices reaching as high as $410.00 and a consensus rating of "Moderate Buy."
• Visa recently announced a quarterly dividend of $0.59, which represents an annualized dividend of $2.36 and a yield of 0.7%.

Parsons Capital Management Inc. RI decreased its position in shares of Visa Inc. (NYSE:V - Free Report) by 17.6% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 40,115 shares of the credit-card processor's stock after selling 8,550 shares during the quarter. Visa makes up 0.9% of Parsons Capital Management Inc. RI's holdings, making the stock its 23rd largest holding. Parsons Capital Management Inc. RI's holdings in Visa were worth $14,243,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of V. Brighton Jones LLC grew its position in shares of Visa by 50.1% during the fourth quarter. Brighton Jones LLC now owns 20,635 shares of the credit-card processor's stock worth $6,522,000 after purchasing an additional 6,883 shares in the last quarter. Revolve Wealth Partners LLC boosted its stake in Visa by 68.9% in the 4th quarter. Revolve Wealth Partners LLC now owns 11,811 shares of the credit-card processor's stock worth $3,733,000 after purchasing an additional 4,817 shares during the period. Pines Wealth Management LLC grew its holdings in Visa by 1.0% during the 1st quarter. Pines Wealth Management LLC now owns 6,727 shares of the credit-card processor's stock valued at $2,358,000 after buying an additional 69 shares in the last quarter. Chemistry Wealth Management LLC raised its position in shares of Visa by 27.0% during the first quarter. Chemistry Wealth Management LLC now owns 1,369 shares of the credit-card processor's stock valued at $480,000 after buying an additional 291 shares during the last quarter. Finally, Constitution Capital LLC lifted its holdings in shares of Visa by 5.7% in the first quarter. Constitution Capital LLC now owns 3,720 shares of the credit-card processor's stock worth $1,304,000 after buying an additional 200 shares in the last quarter. Institutional investors own 82.15% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Barclays reaffirmed an "overweight" rating and set a $408.00 target price (up from $396.00) on shares of Visa in a research note on Thursday, July 31st. Weiss Ratings restated a "buy (b)" rating on shares of Visa in a research report on Saturday, September 27th. Oppenheimer lifted their target price on Visa from $390.00 to $391.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. Morgan Stanley increased their price target on Visa from $386.00 to $402.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Visa in a research note on Thursday, July 17th. They issued a "buy" rating and a $410.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Visa presently has a consensus rating of "Moderate Buy" and an average price target of $385.96.

Insiders Place Their Bets

In other news, General Counsel Julie B. Rottenberg sold 2,027 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $344.02, for a total transaction of $697,328.54. Following the completion of the sale, the general counsel directly owned 11,925 shares of the company's stock, valued at approximately $4,102,438.50. The trade was a 14.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ryan Mcinerney sold 10,485 shares of the firm's stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $342.30, for a total transaction of $3,589,015.50. Following the completion of the transaction, the chief executive officer directly owned 537 shares in the company, valued at $183,815.10. This represents a 95.13% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.13% of the company's stock.

Visa Price Performance

Visa stock opened at $349.90 on Friday. Visa Inc. has a 12-month low of $273.24 and a 12-month high of $375.51. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.52. The firm has a 50-day moving average price of $343.78 and a 200-day moving average price of $346.75. The firm has a market capitalization of $641.28 billion, a PE ratio of 34.17, a price-to-earnings-growth ratio of 2.07 and a beta of 0.90.

Visa (NYSE:V - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The credit-card processor reported $2.98 earnings per share for the quarter, topping analysts' consensus estimates of $2.85 by $0.13. The company had revenue of $10.17 billion for the quarter, compared to analyst estimates of $9.82 billion. Visa had a net margin of 52.16% and a return on equity of 58.93%. The firm's revenue for the quarter was up 14.3% on a year-over-year basis. During the same period in the prior year, the company posted $2.42 EPS. As a group, equities research analysts forecast that Visa Inc. will post 11.3 EPS for the current year.

Visa Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 12th were paid a $0.59 dividend. The ex-dividend date was Tuesday, August 12th. This represents a $2.36 dividend on an annualized basis and a yield of 0.7%. Visa's dividend payout ratio (DPR) is presently 23.05%.

About Visa

Visa Inc operates as a payment technology company in the United States and internationally. The company operates VisaNet, a transaction processing network that enables authorization, clearing, and settlement of payment transactions. It also offers credit, debit, and prepaid card products; tap to pay, tokenization, and click to pay services; Visa Direct, a solution that facilitates the delivery of funds to eligible cards, deposit accounts, and digital wallets; Visa B2B Connect, a multilateral business-to-business cross-border payments network; Visa Cross-Border Solution, a cross-border consumer payments solution; and Visa DPS that provides a range of value-added services, including fraud mitigation, dispute management, data analytics, campaign management, a suite of digital solutions, and contact center services.

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